When you fall behind on your home mortgage payments on your San Antonio home, it can feel like you’re drowning in debt.
Even if you have the ability to make your regular monthly payment, catching up on an overdue balance can be an overwhelming challenge.
There are a few alternatives that can help you to avoid foreclosure now San Antonio and perhaps even keep your home, even if you’re seriously behind in payments. A lot of homes in San Antonio have been lost to foreclosure, however, there are lots of ways to prevent it.
Help, I’m Behind in My Mortgage Payments in San Antonio! 5 Things You Can Do To Help Your Situation
This is generally the tool of last resort. If you’re being crushed by a lot of debt, bankruptcy can be a great way to negotiate with lots of lending institutions at the same time. It’s a lot of work, and it will not help you avoid your home mortgage. Different lenders will treat your situations in unique ways. You’d benefit from severe professional assistance– the very best you can afford.
This can be a good card to play, however, it might include some hidden charges. Essentially, reaffirming the loan is an extra commitment to pay. In some states where it’s allowed, an affirmation can produce additional liabilities if your property is auctioned.
3. Making Home Affordable (MFA):
You may be able to participate in MHA if your mortgage qualifies. Any loans backed by Fannie Mae or Freddie Mac must be considered for MHA, and other lenders choose to take part in MFA.
With MFA, your payments and/or interest rates may be reduced– even the principal balance (if your house is worth less than you owe). You may be able to get your payments temporarily suspended or reduced if you’re unemployed.
MFA is a government program, so be prepared to deal with a lot of paperwork. It’s not free money—you’ve got to work for it.
4. Negotiate with your bank:
Lots of lenders routinely provide some level of support. You have to work hard at it, but you might be able to get your rate of interest lowered or a short-term reduction in your payment.
Most of the time, lenders will want to steer you towards refinancing your loan, but by the time you’re a few payments behind, you probably do not qualify for a reduction in your interest rate.
You will have to work very hard to negotiate with your bank. Generally, it takes a lot of calls and the patience of a saint to make it through the bureaucracy. Never act disrespectfully. Request assistance from everybody you speak to, however, do not sound desperate. Explain your circumstance, offer supporting documents, and reassure the bank that you wish to reside in your home for the long term.
If you are in need of a temporary fix and wish to remain in your home, most banks can be forgiving. Often they’ll be willing to add a couple of months of payments back into the primary balance of your loan. It’s all dollars and cents to them, so advise them that you require their assistance to give them a lot more money in the long run. They’ll take a huge loss if they have to offer your home at a foreclosure auction.
That sounds obvious, however, for some reason, lenders seem to forget it when saying no to somebody in need of assistance.
5. Borrow money from a private investor:
If you are behind on your payments and need to sell quickly, we can help.
In certain situations, we might even be able to help you remain in your home.
We work with homeowners in San Antonio to discover options to foreclosure problems.
We will let you know how we can help.